Lazard (LAZ), a 175-year-old global financial services and asset management firm, is the latest traditional financial institution to participate in the growing asset tokenization trend. The firm plans to collaborate with Bitfinex Securities and SkyBridge Invest to establish tokenized funds.

These tokenized funds will be created and issued under the regulatory framework of Kazakhstan's financial services laws, overseen by the Astana Financial Services Authority (AFSA), where both SkyBridge and Bitfinex hold licenses. Bitfinex Securities will handle the tokenization, while SkyBridge will serve as the broker and manager for these funds. The products will be accessible to retail investors, albeit with geographic restrictions, and purchases will be made using Tether's stablecoin, USDT.

The creation was formalized through a memorandum of understanding (MoU) signed by representatives from involved companies on Friday in Lugano, Switzerland, during a side event at the Plan B conference.

The vehicle aims to provide a ‘fund of funds’ structure, offering exposure to various Lazard-managed funds that focus on global and emerging market equities—previously available only to institutional and professional investors, as detailed by Matthias Kruse, Managing Director at Lazard.

Kruse stated that, "We are a B2B investment firm, and this is a good way for us to service retail investors." He also emphasized that tokenization enhances operational efficiency, liquidity, and reduces costs.

As asset tokenization gains traction, established firms like BlackRock and HSBC are entering this sector, which is projected to grow into a multi-trillion dollar market in the coming years, according to various reports from firms like McKinsey.

Lazard manages $245 billion in assets, while SkyBridge Invest is a Kazakhstan-based investment firm, not to be confused with SkyBridge Capital, led by veteran hedge fund manager Anthony Scaramucci. Meanwhile, Bitfinex Securities operates as a licensed trading venue in El Salvador and Kazakhstan.